"It has always been our ambition to create a world-class bank," stated Ambani.
Mentioning the requirements for more banks in the country, he said that there were not enough bank branches or even ATMs to cater to the entire population of the country.
"A strong, vibrant economy needs a sound and efficient financial system. Our financial institutions and markets must become truly inclusive so that they reach out to ordinary men and women and help them achieve their financial goals," added Ambani's statement.
Reliance Capital, which has presence in a host of financial services segments such as mutual fund, insurance and non-banking finance, has been interested for a long time in setting up a bank.